March 4, 2022

Aurora Cannabis says revenue from consumer sales down 45 per cent in fourth quarter

Aurora Cannabis says COVID-10 lockdowns caused its consumer sales to plunge 45 per cent in its recent quarter, even as medical cannabis sales increased nine per cent.

The Edmonton-based cannabis company says its net revenue from consumer sales was $19.5 million, down from $35.3 million in the fourth quarter of 2020. It says this was due to slower consumer demand reflecting pandemic lockdown restrictions.

Aurora says its medical cannabis net revenue for the three months ended June 30 was $35 million, up from $32 million in the fourth quarter of 2020.

Aurora reported a net loss of $135.1 million, compared with a net loss of $1.8 million a year earlier.

On an adjusted basis, it lost $19.3 million, compared with a loss of $33.3 million in the same quarter the year before.

Included in the adjusted loss is $5.1 million in restructuring costs. Aurora says it has identified $60 to $80 million in annualized cash efficiencies as part of its restructurings.

Aurora says it expects to deliver $30 million to $40 million of annualized cash savings with the next year, and the remainder by the end of the second quarter of 2023.

This report by The Canadian Press was first published Sept. 27, 2021.

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